Fixed Assets Module Overview
For charities that account on a receipts and payments basis (cash basis), asset purchases are simply treated as 'expenditure'.
In this article:
What is a Fixed Asset?
Fixed Assets are tangible items that are purchased for long-term use by your charity or church. They are usually over a certain value threshold (for example over £500 or £1000), and are recorded as a Fixed Asset purchase at the point of purchase.
Fixed Assets are not likely to be converted quickly into cash. Examples include:
- land and buildings
- equipment e.g. audiovisual systems, IT infrastructure, minibus.
Recording a purchase as a Fixed Asset can be referred to as 'capitalisation'. Your statutory accounts will include a policy setting out what types and values of purchases need to be dealt with as a Fixed Asset purchase. If you're in doubt about this, contact your Independent Examiner or Auditor for advice.
Explore this blog article: Fixed Assets in Charity Accounting
Fixed Asset Module in ExpensePlus
The Fixed Asset module contains the Fixed Asset register and allows you to add depreciation.
Each item is individually recorded with its own number, name, purchase date, and purchase value, as well as the planned duration for its depreciation.
Watch this short video to learn more about the Fixed Assets Module:
Frequently Asked Questions
- What is the Fixed Assets register?
- How do I set up Fixed Assets?
- How do I record a fixed asset purchase?
- What is depreciation?
- Why aren't fixed asset purchases showing up on my Income & Expenditure report?